Life Insurance: Why group coverage may not be enough

I
know I talk a lot about life insurance, and the truth is, I am a big believer. As
an Insurance Producer, I hear a lot of reasons why folks think they don't need
life insurance, and honestly, most of those reasons can't be backed up. The
most important thing about life insurance is that if you buy it, then
eventually, it WILL pay off.

Odds are good that you could live
your whole life without a car accident, or a disaster at home, but you buy
insurance to protect your car, to protect your home, and by all means to
protect your hard earned wages. Why? Because, what ifâ€¦ you did get into a
wreck, your house caught fire, someone keyed your car, there was a tornado? You
buy insurance to protect against those what-ifs that could be devastating to
you and your family.

But
what would happen if you died? Hey I know it's an uneasy question. No one wants
to think of their own life as having an expiration date. The truth is, a small
percentage of people will suffer a car accident. A small percentage of people
will lose their homes to fires or weather, but 100 percent of people will die.

It's
just a fact, but don't be sad because at least there is a little good news: You can insure your life. Yes, it's true. You can buy an insurance policy on your
life! That means that if something tragic were to happen to you, your family
could be taken care of financially in your absence. Of course you don't have to
buy any life insurance, and then your family would have the added burden of the
expenses, but it's really up to you to decide what you want for your loved
ones.

Have
a good job? Does it come with group life insurance? If yes, that's great, take
advantage of it. But don't rely on it. Find out what happens if you quit, or
get fired, or retire. Most group plans stop working when you do, and that just
doesn't cut it. Group life insurance should only be used as a supplement to
your own personal life insurance. You want your family to be covered if
something happens to you whether you are working or not.

Also,
group coverage is never going to be tailored to you. The word 'group' means
that the life insurance is just a standard rate based on your income. And while
it is usually inexpensive, it is rarely enough. Most group policies are for
about a year of wages. That means if you are making $30,000 a year and you die,
your family will get that $30,000 in insurance money. Now subtract the good
funeral that they will have for you and then they may only have half of that
left. Not a very good replacement for your income.

The
thing is, insurance can't replace you. You have been, and always will be one of
a kind. And though insurance can't replace you, it can replace your income so
that your family can continue their way of life as though you were still there
to support them. Your children could have the money to go to college that they
may not have had without your support. You can still provide for your family,
even though you're not there physically.

It's
not a hassle. Pick up the phone and call your insurance provider. Don't have
one? Call a local COUNTRY Financial office. They typically offer free insurance
and financial reviews, which can show you how much insurance you need, and what
you should consider. Ultimately the choice is yours, hopefully you make the
right one.